Two very different examples of U.S. sanctions enforcement have recently highlighted the significant obligations on commercial actors to leave no stone unturned in their compliance oversight, when potentially doing business with Russian players. In the first, a U.S. private equity fund was caught out. In the second, the sanctioning of the Serbian oil company NIS in October 2025 has had far-reaching practical implications in the Western Balkans for consumers and NIS’s business partners. U.S. Private Equity Firm Fails to Understand Investment Ultimately Came from Russian Oligarch On December 2, 2025, the U.S. Department of the Treasury’s Office of Foreign Assets […]
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